Rs 51,100-level remains a key hurdle for Gold futures; Silver tests 200-DMA

The upside for MCX Gold October futures is seen capped around Rs 51,100-level for now. On the other hand, Silver futures may consolidate following the near 5 per cent rally last week.

After a week of consolidation, select momentum oscillators are hinting towards a possible pullback for the MCX Gold futures; however, Rs 51,100-level remains a major hurdle. On the other hand, Silver futures are once again seen testing the key support around the 200-DMA.

Gold

Bias: Neutral

Last Close: Rs 50,521

Support: Rs 50,065; Rs 49,880

Resistance: Rs 51,100

After three weeks of decline, the MCX Gold futures last week managed to eke out gains amid consolidation at lower levels. The overall bias remains neutral, as Gold futures trade below key moving averages, while select momentum oscillators are hinting towards a possible pullback from oversold